Third Quarter Report 2011

CEO Christian Clausen's comment to the report:
"Despite one of the worst quarters in the financial markets ever, Nordea's development is robust. Excluding short-term effects from the financial turmoil, income grew from previous quarter. Costs decreased, adjusted for the restructuring provision. Thus, effects from the turmoil on operating results are limited.

Customer business volumes continue to grow with income and profit at high levels. The result for the first nine months is up 5% from last year, excluding the restructuring provision.

Nordea will continue with a more focused relationship strategy in order to improve profitability. In line with the ambition to remain in the top league of European banks, Nordea has replaced the previous financial targets with one: an ROE of 15% in a normalised macroeconomic environment."